Market Watchlist 9/27 - 10/1
Hello everyone and welcome to another weekly watchlist by True Trade. Last week was a pretty crazy one starting the week with a significant gap down and flush , but buyers held there own and completed a rally to close us at high of the week. But will that rally continue for the following week , or was it just a retarce to send us down again. 👀
Have some picks posted for both long and short favorites no matter which way the market heads , take some time to look thru them , and if you have questions don't hesitate to ask.
(ALL TIME IS BASED ON PST)
(for all trades below I mention level hold, stop loss, etc, I'm using daily or hourly closes for stop losses or holds, you can trade the levels on an intraday basis !)
1. S&P 500 ($SPY)
/ES - DAILY UNTIL 9/24
$SPY - DAILY UNTIL 9/24
Back on the board this week , with last week's volatile action , SPY continues to be on close watch. Was the bounce a fakeout , and their getting ready for a rug pull , or was it legit with consolidation incoming to make new highs. I'lls try not to speculate and just provide the key levels on watch for the next week. Up above we have both SPY and /ES , and it's a bit clearer to see the zones off /ES. The short term trend , overall is still favoring downside , as even with last weeks close , we are still at a lower high from a big picture perspective.
KEY LEVELS:
448.64 (4482) - The breakdown sell zone + the level we need to clear to get rid of the "higher low", clearing this would objectively give us a higher high , and is likely to result in new all time highs on a hold. As seen above , pretty large supply zone , and should , at least initially offer a short trade if we do visit it.
444.92 (4459.25) - Upside breakdown candle from 9/17, we did get a bounce back up but did not clear the breakdown candle , the first sign of concern , and makes me wonder if this is just a dead cat bounce ... hmmmmm...
441.4 ( 4441.75) - The gap we had + this was a crucial zone just a few months ago , had a lot of consolidation from 4410-4415 , and it's why we have had buyers tep back here on this recent move. Buyers holding this level is what could trigger a break back over that 445 level and get us headed back towards the 449 zone.
436.27 (4371.5) - Back under 436 , and we are very likely headed for a new low. The key inflection early on the week , failing to clear for 9/20 and 9/21 , and once we did clear we got the rally back to the upside. Close eye on this level for the dowside.
2. TESLA ($TSLA)
$TSLA - DAILY UNTIL 9/24
Is it time for Tesla to sky-rocket again 👀, looks promising with that base and breakout last week , but how high can we really go . If we can hold that 762 breakout level and keep grinding , be on the lookout for a potential move back towards the 800's or just under. If we break back under , failed breakout attempt will be in place and we can look to revisit the bottom of the base back at 7220 , 740.
KEY LEVELS:
796.22 : Another upside target level , if we clear here, then we have potential towards 820.
779.09 : 1st upside target , we basically hit it to end last week , had an unfilled gap + few days base before the last push lower.
762.64 : 762-763. is the most recent resistance we just broke over to end last week. With a sideways consolidation for over 2 weeks this was the spot sellers had there yes on , now f buyers can hold on a pullback , be ready for another potential TSLA bull run which can gradually head back toward the highs. If we get back under , brakeout would have failed. This will be my kety over under level for next week
743: Was the open of the breakup candle to close last week , but has also remained a intrad-level pivot over the course of the last few weeks. If we fail the breakout , this is the first spot I'd watch as a downside target.
3. BOEING ( $BA)
$BA - DAILY UNTIL 9/24
BA broke out of its multi-week range under 217 last week , now it will be interesting to see if this was a one time wonder , or , is it going to break back under 217 and head towards 210 again. 217 will be the key pivot for boeing this week , while overhead resistance comes at 222-223 and buyers are present from 208-210.
KEY LEVELS:
222.22 : This was a sell zone about a month ago , seen with a clear sideways action along 222-223. We have hit it 2x last week , and it could be forming to supp for a upside breakout , but until we do clear , sellers have control here. If we base sideways for a few days with a higher base , this can be a breakout long trade back into 224 , and potentially even high 225 - 226.
217.15 : Key level we just broke mid-last week , lots of sellers were positioned here for a good 2-3 trading weeks , and now that we are over , we would expect buyers to step in down here on a pullback. If we fail to hold , and break back under back towards initially 214 is likely. This is going to be my key ivot for the week , long over , short back under.
208.1 : Big demand zone of the course of now 6 trading months , have not broken under since February , even on multiple visits. Expect buyers to keep stepping in down here , maybe even a little higher off 210. The sand din the line you could say. If wwe break here , things for BA will not be looking to well and we probably would push back towards 200.
4. COUPA SOFTWARE ($COUP)
$COUP - DAILY UNTIL 9/24
Looks like COUP is getting ready for something big , we have a nice curling pattern forming off 240. Sellers still continue to step in at 248 and 252, but if buyers can start holding 248 , and base sideways for a while we can get the upside break back towards 255-257.
KEY LEVELS:
260ish : If we can get the upside break over 252 , we had an hourly pivot off 260 , so will be looking at that zone as an initial upside target, and after that a gradual move towards 270 is very likely.
247.62 and 252 : Both levels are important for upside , and go hand in hand. If we want to get setup better for upside breakout , then we will ideally start holding a base over 248 to get some upside momentum over 252 , meanwhile breaking 252 should trigger some upside momentum back towards initially 256 and 260.
240: Key level if the curling pattern is to remain in tact, ideally we should now be holding on a higher bases or starting to get some wicks off this level as seen on the last 2 trading days. If we break here back towards 230 is very likely .
230: Next key level downside , where we saw some consolidation before our recent move back to the upside
5. GOLDMAN SACHS ($GS)
$GS - DAILY UNTIL 9/24
Goldman has already seen a pretty decent pullback from its highs, but is that is , or is there more to come on this retrace. 391.5 was the breakup candle and support on the initial down move pre flush + we had an open gap there from 9/20 which was just filled. We have already seen 2 days of price action failing to break that gap and ky level , and it could turn into a re-short move back to the downside.
KEY LEVELS:
391.45 : The pivot dip buy that resulted in the initial move towards new ATH's from 8/20. I would watch here for a potential start of a reversal back toward the downside. We have seen sellers step in the last 2 trading days already , and they can continue to step in and push back under 389 we can see our next way to the downside which would complete back towards the low s at 373.
388.88 : The breakup candle , we got back over to close last week and have held for 2 trading days , this will remain my trading pivot for the week , buying over , selling under.
380.7 : Next key downside zone , yes we have the gap at 385.47 which is important to keep in mind , but if we are hold under the 388 , i do expect a break back under the gap towards the 380 level.
OTHERS: $DOCU: Have somewhat of a bear flag formation , selles have stepped in off the base at 278 , while buyers have bought 268. I would expect a break towards the downside , but can be played on a break either way , or even traded between the range.
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If you don't know how to utilize the key levels check out this post below: https://www.truetradellc.com/post/market-outlook-3-15-3-17
^^^here is a snippet of how the levels can be used ^^^
Check out past watchlist @ https://www.truetradellc.com/blog/categories/watchlists to see if any plays are still live or if the levels truly work 👀
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That's it for this week's list, if you have any questions don't hesitate to contact us or drop them below. These are just a few stocks im keeping my eye on this week, and as always, do your own due diligence and realize that their will always be risks associated with trading !
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